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What Triggers a Tax Audit?

What Triggers a Tax Audit?
You may have heard that IRS audits of individuals have hit an 11-year low. This past year, the IRS has been auditing fewer than 1 in 100 individual taxpayers. But don’t allow those statistics to embolden you. Thousands of taxpayers still get audited each year. If you’re a high-earner, with $500,000 to $1 million earned annually, your chances of an audit jump to more than 4 percent. The picture changes again when it comes to business audits. Corporations tend to be audited more often (as much as 12 percent of large corporations).

10 Business Identify Theft Tips

10 Business Identify Theft Tips

Last year, Ars Technica reports, the IRS shut down an electronic tool for obtaining tax data after a massive fraud operation involving commercial data breaches managed to extract filing data for hundreds of thousands of taxpayers. This year, the IRS is facing a new wave of fraud, as criminals engage in a phishing campaign to obtain employees' W-2 form data.

Fake Rappers Exposed in Biggest Tax Fraud Bust in U.S. History

Fake Rappers Exposed in Biggest Tax Fraud Bust in U.S. History
Tax fraud comes in many shapes and sizes. In fact, the IRS estimates that 17 percent of all taxpayers fail to comply with tax laws in one way or another. Cash-intensive businesses and service industry workers are the worst offenders. The IRS claims that waiters and waitresses underreport their cash tips by an average of 84 percent.

Hulk Hogan's Litigation Financing Lessons

Hulk Hogan's Litigation Financing Lessons

In April, we introduced the growing trend of third-party litigation financing to help offset the cost of litigation. Since then a specific case has catapulted the idea into the mainstream. The Wall Street Journal recently reported that Peter Thiel, founding investor in PayPal and Facebook, has provided about $10 million to support pro-wrestler Hulk Hogan in an invasion-of-privacy lawsuit against Gawker Media

What Keeps Employees Truly Happy?

  • 26 April 2016
  • Author: Cari Holbrook
  • Number of views: 1056
  • 0 Comments
What Keeps Employees Truly Happy?

Low unemployment rates are a good thing, right? For business owners, it can be a mixed bag. The current job market means that attracting and retaining top employees is critically important. Essentially, there are more jobs than there are good candidates to fill them.  

Per Diem Travel: Myths You Shouldn't Believe

  • 12 April 2016
  • Author: Cari Holbrook
  • Number of views: 902
  • 0 Comments
Per Diem Travel:  Myths You Shouldn't Believe

As we head into business conference season, now is a great time to review the rules concerning business travel expenses. Using a per diem rate to reimburse business travel is often misunderstood. Typically, the record keeping is simpler under this method as the federal government has established fixed reimbursement amounts per day for business travel that cover lodging, meals and incidentals.

Is Litigation Financing a Viable Option?

  • 30 March 2016
  • Author: Cari Holbrook
  • Number of views: 1595
  • 0 Comments
Is Litigation Financing a Viable Option?

You may have a great track record in the courtroom, but are you willing to bet on it? An increasing number of U.S. litigators are, following a trend called third party litigation financing (TPLF) or alternative litigation financing (ALF). This type of litigation financing often uses hedge funds and other investment principles to fund the litigation process for plaintiffs’ attorneys.

Strange Taxes from Around the Nation

  • 23 March 2016
  • Author: Cari Holbrook
  • Number of views: 940
  • 0 Comments
Strange Taxes from Around the Nation

With tax season in full swing, there’s a chance you may need your mood lightened. If so, enjoy this roundup of crazy taxes from around this great nation.

Is Private Equity an Answer to Cash Woes?

  • 15 March 2016
  • Author: Cari Holbrook
  • Number of views: 1077
  • 0 Comments
Is Private Equity an Answer to Cash Woes?
Private equity is a term that’s thrown around the business world, especially among startup companies. It can be a great way for businesses to get a much-needed infusion of cash.  And you don’t need to be a young, hip startup to consider it as a viable option.

Is the U.S. a Top Global Tax Haven?

  • 23 February 2016
  • Author: Cari Holbrook
  • Number of views: 1005
  • 0 Comments
Is the U.S. a Top Global Tax Haven?

 Last month we covered how U.S. citizens working abroad were escaping outrageous U.S. taxes by renouncing their citizenships. It has now been announced that the U.S. has moved from the world’s sixth to the third top tax haven behind only Switzerland and Hong Kong  It is estimated that $21 trillion to $32 trillion in private wealth is untaxed or lightly taxed in what it calls worldwide “secrecy jurisdictions,” with the U.S. being a top spot for activity.

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